US$450 million to improve environment, sanitation in HCM City

14:36 | 13/03/2015

VGP – The State Bank of Viet Nam and the World Bank (WB) on March 12 signed agreements for a total US$450 million in loans and credits to help Ho Chi Minh City improve the environment and sanitation.

Photo: VGP/Tan Mai

The total project costs US$495 million, US$250 million of which will be financed through a loan from the International Bank for Reconstruction and Development (IBRD) and a US$200 million credit through the International Development Association (IDA). Ho Chi Minh City will provide US$45 million from its own resources for the project.

The funding, the Second Ho Chi Minh City Environmental Sanitation Project, will improve the environment by treating wastewater, strengthen institutional capacity to manage sanitation and wastewater services, and increase public awareness on the benefits of improved sanitation practices.

WB’s Country Director Victoria Kwakwa highly valued the experience of the city in launching infrastructure projects, revealing that the WB will enhance cooperation with the city to carry out other key projects.  

Currently, the WB is financing four big projects in the city, worth more than US$600 million to upgrade the urban transport system and improve the environment, said SBV Governor Nguyen Van Binh.

By Thuy Dung